GENERAL POWERS.

SEC. 104. GENERAL POWERS. Section 506 (7 U.S.C. 1506) is amended— (1) by redesignating subsections (j) through (n) as subsections (k) through (o), respectively; (2) by inserting after subsection (i) the following new subsection: “(j) Settling Claims.— The Corporation shall have the authority to make final and conclusive settlement and adjustment of any claim by or against the Corporation or a fiscal officer of the Corporation.”; (3) in subsection (1) (as so redesignated)— (A) in the first sentence, by inserting “, and issue regulations,” after “agreements”; and (B) in the second sentence, by striking “contracts or agreements” each place it appears and inserting “contracts, agreements, or regulations”; (4) in subsection (n)(1) (as so redesignated), by striking subparagraph (B) and inserting the following new subparagraph: “(B) disqualify the person from purchasing catastrophic risk protection or receiving noninsured assistance for a period of not to exceed 2 years, or from receiving any other benefit under this title for a period of not to exceed 10 years.”; (5) in subsection (o) (as so redesignated)— (A) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D) and aligning the margins of each subparagraph with the margins of subparagraph (A) of subsection (n)(1) (as redesignated by paragraph (1)); (B) by striking “(o) Actuarial Soundness.—The Corporation” and inserting the following: “(o) Actuarial Soundness.— “(1) Projected loss ratio as of October 1, 1995.— The Corporation”; (C) in subparagraph (A) (as redesignated by subparagraph (A)), by striking “from obtaining adequate Federal crop insurance, as determined by the Corporation” and 108 STAT. 3182inserting “(as defined by the Secretary) from obtaining Federal crop insurance”; (D) in subparagraph (C) (as so redesignated)— (i) by inserting “, agents, and loss adjusters” after “participating producers”; and (ii) by inserting “, agents, and loss adjusters” after “identify insured producers”; and (E) by adding at the end the following new paragraphs: “(2) Projected loss ratio as of October 1, 1998.— The Corporation shall take such actions, including the establishment of adequate premiums, as are necessary to improve the actuarial soundness of Federal multiperil crop insurance made available under this title to achieve, on and after October 1, 1998, an overall projected loss ratio of not greater than 1.075. “(3) Nonstandard classification system.— To the extent that the Corporation uses the nonstandard classification system, the Corporation shall apply the system to all insured producers in a fair and consistent manner.”; and (6) by adding at the end the following new subsections: “(p) Regulations.— The Secretary and the Corporation are each authorized to issue such regulations as are necessary to carry out this title. “(q) Program Compliance.— “(1) Timeliness.— The Corporation shall work actively with approved insurance providers to address program compliance and integrity issues as the issues develop. “(2) Notification of compliance problems.— The Corporation shall notify in writing any approved insurance provider with whom the Corporation has an agreement under this title of any error, omission, or failure to follow Corporation regulations or procedures for which the approved insurance provider may be responsible and which may result in a debt owed the Corporation. The notice shall be given within 3 years of the end of the insurance period during which the error, omission, or failure is alleged to have occurred, except that this time limit shall not apply with respect to errors, omissions, or procedural violations that are willful or intentional. The failure to timely provide the notice required under this subsection shall relieve the approved insurance provider from the debt owed the Corporation. “(r) Purchase of American-Made Equipment and Products.— “(1) Sense of congress.— It is the sense of Congress that, to the greatest extent practicable, all equipment and products purchased by the Corporation using funds made available to the Corporation should be American-made. “(2) Notice requirement.— In providing financial assistance to, or entering into any contract with, any entity for the purchase of equipment and products to carry out this title, the Corporation, to the greatest extent practicable, shall provide to the entity a notice describing the statement made in paragraph (1).”.